As we described the effects of gst on banking sector now here comes gst effects on cars prices that every one wants to know here is the full detailed view:
- PETROL CAR HAVE ENGINE LESS THAN 1.2 LITERS: At present tax in this section is 31.5% as addition on VAT, excise duty but now GST rates are 29% means 2.5% less means more cheaper cars in this category.
- DIESEL CAR HAVE ENGINE LESS THAN 1.5 LITERS: At present have total tax 33.25% but with gst have only 31% means 2.25 % cheaper cars in this category.
- DIESEL CARS HAVE ENGINE MORE THAN 1.5 LITERS/ PETROL CARS HAVE ENGINE MORE THAN 1.2 LITERS: In this category the tax rate be 44.7% but now GST rate be 43% means 1.7% cheaper cars like Ford Ecosport, Hyundai I10.
- PETROL AND DIESEL ENGINE CARS IRRESPECTIVE OF DISPLACEMENT: Large cars(Not SUVs) comes into this category like SEDAN, BMW, MERCEDEZ BENZ, have tax rates 51.6% but now on GST it have only 43% tax means huge cut upto 13.3% cheaper.
- PETROL AND DIESEL ENGINE SUV CARS: Cars like ford Endeavour,Toyota Fortuner, Tata Hexa etc have previous tax 55% now GST Tax rates be 43 % means 12% rate cut.
- HYBRIDS CARS: All the hybird cars have more impact than the above category one's previous have tax slabs 30% but now with GST it goes up 43% means approx 13% more expansive cars than before.
- ELECTRIC CARS: Only mahindra have the fully electric cars in Mahindra Electric with its flagship cars Mahindra e2o and Mahindra e-Verito. Before the tax is 20.5 % and now on GST it will be only 12.5% means cheaper 7.5% than the previous prices.
Here comes the conclusion that only hybid cars prices become high but main advantage is that all the luxury cars have cheaper price range major impact on luxury cars.
Here are some of our previous posts on GST:
How can your GST Registration will be Cancelled (PART 1)????? BEST GST SOFTWARE
How can your GST Registration will be Cancelled (PART 2)????? BEST GST SOFTWARE
CHEAPEST GST SOFTWARE IN MARKET ARE:
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